Also involved in the deal will be the issue of 0.3572 in common shares of Solitario in exchange for each Zazu share.
Former Zazu shareholders will hold approximately 34% of the issued and outstanding shares of the combined company following the transaction.
Solitario Exploration & Royalty is an exploration-stage company focused on acquiring precious and base metal properties, while Zazu Metals is involved in mineral exploration.
Both companies involved are based in the US.
Lakes Oil has announced the acquisition of 100% stake in gold exploration and mineralisation services company Mingoola Gold from Dark Horse Resources for a consideration of A$1 ($0.74).
Lake Oil is an oil and gas business, while Dark Horse Resources is a diversified natural resources exploration company.
All companies involved in the transaction are based in Australia.